Question 27 Chapter 5 of +2- Part-

Question 27 Chapter 5 of +2-Part-1

 27. (New Partner doesn’t bring G/W in Cash) X, Y and Z am partners in 5:3:2 ratio. A admitted for 1/10 share. He hrings capital Rs. 40,000 Goodwill is valued for the firm Rs. 30,000 New partner does not bring goodwill in cash New ratio, is 4:4:1:1. Pass the journal entries.

The solution of Question 27 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
2019     
i)Cash A/cDr. 40,000 
 To A’s Capital A/c   40,000
 (Being existing goodwill written off . )   
     
ii)A’s Capital A/cDr. 3,000 
 To X’s Capital A/c   1,500
 To Z’s Capital A/c   1,500
 (Being A’s goodwill adjusted in sacrificing Ratio i.e. 1:1)    
      
iii)Y’s Capital A/cDr. 3,000 
 To X’s Capital A/c   1,500
 To Z’s Capital A/c   1,500
 (Being Y’s Share goodwill adjusted in sacrificing Ratio i.e. 1:1)    
     

Working Note

Sacrificing Ratio = Old share of old partners – New share

X’s sacrifice=54
1010
     
 =1  
 10  
Y’s sacrifice=34
1010
1    
 =1  
 10  
Z’s sacrifice=11
1010
     
 =1  
 10  
Good will to be brought by Y and A=30,0000x1
10
     
 =Rs 3,000 Each  

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 27 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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